Groupon posted net income of $28.4 million, or 4 cents a share, compared to a net loss of $107.4 million, or 35 cents a share, for the same period last year.

Revenue jumped 45% to $568.3 million, though the company said sales would have grown by 53% when adjusted for currency exchange rates.

Analysts were expecting Groupon to do just a tad better than the first quarter. Estimates were for profit of three cents a share, versus two for last quarter, and revenue around $575 million, compared to Groupon's first quarter guidance of revenue between $550 million and $590 million.

The Groupon earnings report miss highlights the biggest concern among investors: Will this company be profitable?

Right now there are huge concerns.

"Groupon is overexposed to the European consumer and has seen its international growth slowing; the company has yet to roll out in those markets many of the new products and technologies that have driven US reacceleration," Goldman Sachs analyst Heath Terry wrote in a recent note.

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Groupon Inc. (Nasdaq: GRPN) slumped 17% in trading today (Monday) on news that it had to revise last quarter's financials, causing critics to worry that the new JOBS Act would lead to more faulty IPOs this year.

Groupon Stock Price History (Nasdaq: GRPN)

Groupon announced Friday it had a "material weakness" in financial controls. That led the company to revise its fourth-quarter financial results to reflect an increase in its "refund reserve accrual."

The results? Quarterly revenue fell by $14.3 million and net income slipped $22.6 million, or 4 cents a share.

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